Marketplace businesses are expanding access to new global customers and consumer access to new products—allowing sellers to grow their business faster than ever before. Yet, while these platforms meet consumer’s requirements for simple and efficient purchases, today’s slow, complex global payment processing and settlement experience is unable to shoulder the needs of businesses in this growing industry.
Together with our customers, we are changing this status quo. We are thrilled to announce a new partnership with Lemonway, the pan-European payment solution for online marketplaces. Through RippleNet, Lemonway is now connected to Nium to transform its international payments and significantly decrease payout times for its customers.
More than 1,400 European marketplaces, including 200 crowdfunding platforms, rely on Lemonway’s robust payment processing and management solution. But managing increased transaction volumes across hundreds of merchants at scale comes with challenges, particularly the long processing times of traditional cross-border payment services.
“As a company that embraces innovation, we are always looking for new business models and technological capabilities that can enable us to offer better services to our merchants,” said Lemon Way’s Chief Commercial and Marketing Officer, Martin-Pierre Gaultier. “Our partnership with Ripple is a testament to this, and we’re excited to be able to offer faster and more cost-effective payouts to support the evolving needs of our customers and merchants.”
By joining RippleNet and their connection to Niums global money transfer network, Lemonway can improve its euro-to-euro payment corridors—and can expand to other currencies and corridors in the future. Through this partnership and RippleNet’s access to hundreds of global financial institutions, Lemonway ensures transparent, reliable and real-time payments, at a lower cost—a key competitive differentiator that helps Lemonway attract new customers.
“We are happy to announce the enhancement of payment routes for Lemonway users. Nium looks to create a fintech infrastructure that can help banks and financial institutions launch and scale innovative digital financial services without the complexity, time and cost previously required to do so, and this partnership with Lemonway through RippleNet to enhance their payments capabilities is a testament of that,” said Rohit Bammi, Global Head of Institutional Business, Nium.
Online marketplaces rely on fast and transparent cross-border transactions to maintain accurate financial records. Marketplaces generate an estimated $6-$8 Trillion per year in global payment volume, growing at 10% per year. However, the current slow and unreliable cross-border payments experience leave global merchants waiting up to seven days for payments to process. At a time when information moves instantly to all corners of the globe, it is unacceptable that payments can take up to a week to arrive at their destination.
RippleNet is a modern infrastructure built for a world that wants to fulfill customer demands where legacy systems fall flat. The traditional way of sending money across borders is changing. In partnership with Ripple, Lemonway is able to build differentiated value propositions with significantly faster payouts and a better customer service experience.
If you’re a payment provider looking for the right solution to enable real-time global payments and want to learn more about RippleNet—Lemonway and several other RippleNet customers will present at Ripple Swell Global 2020, Oct. 14 and 15. Register for your invite today.